IMF Downgrades World Economic Outlook

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CBJ — There is good and bad news regarding the latest report by the International Monetary Fund.

The bad news is that the IMF is downgrading its outlook for the world economy, predicting that growth this year will be the weakest since the 2008 financial crisis. The U.S.-China crisis tops the concerns although there are others such as oil supply, tensions of regional wars and instability in governments.

The good news is that the IMF foresees Canada’s growth projection at 1.5% this year and another 1.8% in 2020.

The new forecast predicts global growth of 3% this year, down 0.2 percentage point from its previous forecast in July.

Next year, the fund foresees a rebound for the world economy to 3.4%.

The Bank of Canada’s next interest rate announcement and monetary policy report is scheduled for October 30, nine days after the federal election.


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